Bovis Homes hit by shareholder revolt over pay amid a backlash over boardroom excess

By CITY & FINANCE REPORTER FOR THE DAILY MAIL

Updated:

Builder Bovis Homes has been hit by one of the biggest pay revolts of the year amid a backlash over boardroom excess.

At the annual meeting, 37.6 per cent of shareholders opposed its remuneration report.

The rebellion was triggered by the decision to bump up the bonus for Earl Sibley, the finance director who stood in as interim chief executive following the departure of David Ritchie.

At housebuilder Bovis’s annual meeting in Tunbridge Wells, 37.6 per cent of shareholders voted against the company’s remuneration report.

At housebuilder Bovis’s annual meeting in Tunbridge Wells, 37.6 per cent of shareholders voted against the company’s remuneration report.

Sibley, 45, who served as chief executive until the arrival of Greg Fitzgerald, was paid a total of £661,000 last year, up from £371,000 in 2016.

During three months in charge, Sibley fought off two takeover bids and brought stability after Ritchie left abruptly amid a barrage of complaints about shoddy workmanship and poor-quality homes. 

Bovis said: ‘Not to recognise this in his bonus would not have reasonably reflected his outstanding achievement.’

Fitzgerald, 53, was paid £1.4million.

 

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